Air Canada Improves Guidance at Investor Day, but We Maintained our FVE
On the heels of Air Canada’s investor day, we chose to maintain our CAD 35 fair value estimate. We were encouraged by management’s new guidance that included annual increases to its EBITDA margin, return on invested capital, and cumulative free cash flow for the 2019 to 2021 period. Notably, Air Canada expects to achieve EBITDA margins, excluding special items, between 19% and 22% (formerly 17% and 20%) on the back of continued improvements in route optimization and fleet transformation. We agre...Air Canada is a domestic and international airline Company. Co. is engaged in the provision of scheduled passenger services in the Canadian market, the Canada-United States transborder market and in the international market to and from Canada. Through its subsidiaries, Co. also operates in low-cost carriers segment, providing service to customers in lower density markets and also in higher density markets at off-peak times throughout Canada and the United States. Co. also provides air cargo services on domestic and the U.S. transborder flights; tour operator services which operate in the outgoing leisure travel market; and ground handling services.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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